Mideast, Oil Prices
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Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.
Analysts said OPEC might not see any urgency to shift policy, as the surge in prices was driven by a rising risk premium rather than changing market fundamentals.
Oil prices fell off multi-month highs hit earlier on Friday as Israeli air strikes avoided Iranian oil sites, but prices still up about 6% as investors worried that the tensions could disrupt Middle East oil supplies.